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Page 1: cpq NV OJ - NBER

IJOtJCQe ! tO tJJC

bLbp urn) Q dnotcq Mtpont xbjct bcujou bLoAqq tpt njj ccq ucjnqu ©© Jôà P 1CLC11 C 2t!" VII L!IJt LC2CLAGT 2IJOL4 CCtOU O tcxt uot o cxccq ttIo

Jc21.cp•obiuiou cxbLq LC jJJOQ O tJJC I1t1JOL uq UOt i}JO2C O tJJC Wt!OUJ Oj ECOUOUJIC

L21LC bLowm ! COthO.tC JUflJCC ECOUOUJ!C nCWOU q NOUCWL ECOUOIJJ!C2 VUXGbccuqJX wtcjij oi jic qoc o uapt !u2b!Illt!ou .LP!2 bbcL biu o L'IBEL2pcjbjnj q12cr122ou2 JJJ bbi u onttotp oout i,oqc iitp 'qujj ypAb to ipoucumu bm.tcbiut r tPG E1CLI L/ B"I 0 BO2tOU uq J4BEK 2IIUJWGL PJt!UItC j,OLuq to CP14!C HcIJocIe DLWU HII 0/ACU f'UJ0U yIjTo OtUJPQL DVq 2CPT42tC!1J uq2QLAICG KGC9IeP CCU1L JJJIJI to ODOUUCJJ OL jjjb iu bi.biuu pc uiiuncqbtjji LQCLC r 2nbbol.tcq p? tpc j,4touj 2C!CIJCC onuqou NLL JutCLIJourj ucucpJ

VnJ2tcpq NV OJTOO N 2CJJIIU V/IJ

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NOJ4E.LVI�A bOFICAEOJ hUE JMVM2NI22IOM OB

NVMVOENEL h\LLH INbICVflOM2BVMK V2E1 VD IVBILLA

VM VDAEB2E 2EFECALIOM NODET OI

ViBEK HOBKIW3 bVbEK 2EKIE2

Page 2: cpq NV OJ - NBER

V1 qi1 nbhoW 5LflM iwuA

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ninnfl a!nnd nidii iili riz a3ub1 b&I nb nnIw rinI1 i wiqB3 i iIb nO

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noii3ubolinI .1

ii1iclsi1 bits is Ansd lo 1bom b sd-noi1I3-1vbs ns qoIvb iqsq iiiT

bnuois rrnfl n3rfi bits tIoivni Isubkvibni moil ebriul isi aAnsd 1bom rfi nI .in3m3snsm

.rIoi1s1oq-io3 inbn3qb-Insd ac lb iilguoth 3d a& oil w i3worIod ol iuo bnu1 e3rl1 bn3I bns

113w as Ion is ioivni L6ubivibni 313111 33s1 3111 d b3isoiIqmo3 i doj a5lnsd 1s3iqi 311T

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noii1 3tl3vbs its isi ion ',sm io sm idi 11sii nsnfl ol ui )Insd 3111 iiIidsi1 10 3qi

3111 Ii isfuoitisq iii .nso1 VIT4-3viiioq 3AEm 01 ii1ids 51nsd 3111 rliiw 13h3ini isili m3ldolq

ths m3ldoTq noiiI 32vbs on 2ii2oq3b biu2ni rliiw I3i3Iqmo3 111i bnul 01 31dB i )Insd

i aJioq3b b5Iuni uai ol ii1ids a1nsd rII Ii 13v3woH .b3floi2ibrnj i ioivsr1d nibn31 bits

aso thirlw ni nsnfl lb 1uo2 b_tiini-non ol rnui 01 3v5l1 Iliw ii b3nis_tino3 woLi3mo

.b3il1s 3d ns ioivsrbd rtibn3I bits ui ns 3mod ob noii13e 3_t3vbs

3Idsnoas5t £ 3bivolq ol 1qmia ai Isog lifl 311T .alsog vizrnhq owl zsrl iqsq 311T

3113 it!13V boh3q-illurn s ni 1qrnsx3 _to1 .oioib oiloThoq )lnsd lo inuo33s 3!monoz)3ol3im

3is3oILG Hsmiiqo a1nd won luods noii3ib31q 31dsii lb i3dmun £ Ism 313d b3qol9v3b Ithom

iii a1cior1 01 bnoq_t 2rloiis3olls 3rli woil luods bits ithu bits nso1 inoms 2ioas 113111

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noii23up 3imonoo3rn3sm 3(13 31bbs 01 _tqsq 3111 lo Isog auoiiidms atom bno 3dT

ns 3v132351 Ls13b&I 3(11 15111 1n31x3 3111 oT .a*tow rn2insrb3rn noiimnsfl 1sJ3norn 3± wont lb

0215 orlw QQ1) blsnoCbM bits as3uJ d A_tow 1n3351 01 b3isIs_t i _tqsq 3(11 ,rn3V 2irIi iii' 23flrlslimk 3rlT .noijsrrnolni ohi3mm',as no basd _toivsfI3d oiloltioq Ansdlo I3born 5 331f132no3

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Page 4: cpq NV OJ - NBER

3n3uflni ol 31d.s 3d 111w ii 4nid ol 3IdELiEv.s 2iioq3b b9luani 1S51 to 13v31 3i51 3f11 !OIif1O3

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lo 2rnloI 3no1q-noii33132-313vb biswoi bnB ni3rIEnft ii2oq3b b3mrIi rnoil wi iuiii2du 01

3rIi n3a irf1 iii .nibn31 Artsd ni 13sd1u3 llgI3vo its 01 b1331 frnfl ni 2iffT .njnfl li2oq3b-non

to "I3nitsd3 gnibn3l lruid" s lo noijon 3111 to1 noi1sbnuoIo-1Dim to 1 Di1ioq s z3bivolq I3bom

isi ini rbum lo iLdu 311i nd 2sr1 ibirfw noiaim2r1s-ri '(ti3nom

lo thiq b&nd ti iiiiw iii noiioib31q 3!fnOn033OI3fn I3bom fIi 811(1w Imi5I3inI

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3263 isloq 3f11 cii fl3v3 8vi133113 3d ns i1oq 1Ei3norn ifi i w3iv nibn81 3rIi lo noi2u!3no3

bits 8AnsrrtH , . .thnod bits nom nib1oii nwi3d in3l3IIibni 315 2b1od32uo(1 51311w

3(11 1q3335 01 382 13nffB113 nibn31 3111 itO aJ-iow 3ihs 1si3v i3v3woH .(88Q1 iebnulH

13)hJ$m-bnod n3uflni 1onns b&1 3(11 !3253 isloq 2111 cii isth rnob2iw Ioodix3i Isnoiin3vnoa

bs31g2 3111 no 31s-I3qo 1no 51o131M11 ris bits (211id w2ssiT no 3151 3111 ,

.i) 23151 125131ni

.2nso1 lnsd no is 8111 bits isi :t3Alsm-bnod nwi3d

3111 10 ix3inoo 3(11 ciI is31 is isno3 ion i mob2iw tRnoiin8vfto3 21(11 15113 iijo 2rrHhi II

gnib1or1 ns3wi3d 1n3-l3Thbni 1311qmo3 315 zblor1uo(1 Ii n3v3 .31811 b3ibui2 bbom

bssiq2 8113 s 113w s 1s1 IIid-T 1its 1isiib 11i12 ns b1 3111 4lid-T bits 2ii2oq3b

ni3i qs\r12s)I (OQ1) l3mo$I bits l3mo5I (Q1 88Q1) l3bnulfl bits 3Ansnl3fl .3 33 .(dtQQ1 s4Q1) ni31 bits qsrfs)1 bits (€1) xo3liW bits

3lqmsx3 3rrI311X3 (16 3)151..." :31mw 3W (s4Q1) fli3i bits qsi1esX cii 31qmSx3 iol E

32013 (I8V 2s--2bnod bits 3nom--b1or1 ob 3r1i isth 238225 owl 3(11 W3p, 2bIofI32uofI 31811W

111w 1qqu2 3ciOffl 3111 cii 3n1133b £ 01 2bs1 isth 23'r13231 cii 3253133b £ 82B3 21111 ciT .23iUiii2dl12

".bnod b13r1-13i1duq no 8151 123131n1 3(11 (10 l3sqmi L6rninim 5 3VEfI

Page 5: cpq NV OJ - NBER

ion is CAnEd b1orbuod (i1nu u&d i ii11 13viiiLJ1nI ictsol 1nd bn 11id-T nwisd

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(i3 ion 21 211(1 n1uor1i1A .aAnsd 13(110 moil aiiaoq3b sws nui3qmoa d ia11o ionnsa 3n1i

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-bnod 3(11 3niml3i3b 1won3obn3 111w isHi ai!aoq3b iol noiiii3qrnoa Ansd-l3lni inl1 13afa5Iq at Ii

C

Page 6: cpq NV OJ - NBER

bn noi1qmua2E 13bom 9th lo rn2iL1 Isnoituiii2ni 13 2noiiup .1 noi133 .93131 33)llSffl

3vi313r131113 03 13V0 %(flBO 2flOi2LJf3ffO3 3vilEnLsup 9(13 tbi(1w 03 31133X9 3(13 292292213

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b3313131 ifliw iqsq 2ifIi 23113qmo3 ô noi1e .luqluo bits 3n3mivni nil ain3m3vom 31S31gS

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Page 7: cpq NV OJ - NBER

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wonu 0 GXIGUJ9J UUSUCG L9i2G fIG fWG tPG UGM 1OIJ2 LG wqc jO1. 21UJbJ1C!tA !t 12

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Page 8: cpq NV OJ - NBER

'sws i3112ds ol 3nob i ir1T .3b1th 3d ol b3mu2s Its ts Ansd ifi d 3bsm 2nsoI wn 3rIT

3)151 01 s o bn3h3vo 01 2Ansd iol 23v11f133fl1 'flS vomi 1i--rIi11ir12-Ath 1o 231J22i moil

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bits M 2lieoq3b nibu13ni--21n3m1rIi2ni Ithrtsnfl 13db Its no mu131 b3iiup5I 31IT

.oiss 01 b9siLsmlon 33fl3in3vno3 io1 bits b3xfl Ieuon3ox3 21--H nsnfl Isnl3ix3 b5nJ2flIrw

nw13d bsiq2 3(11 2s b3i3iqi3lni 3d 11s31 bIuosI 1 j3bom 3(11 10 1101213v 3IqfTlil 21(11 11! 2IJIIT

Lsinsq 1nnu I3born 3th n3vi nwob b3nniq 3d 1153 isrli us 21 21(11 ;23ithu bits 211501

.iinsrt mundiliup3

it! .N 21322s blo 3(11 lo 3uIsV 3111 luods noiisrniolni 3ni3mm2s 1 313111 3vods b3bon 2A

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315 213E11Bm )InsH •H)1 > ')l rijiow 3d I31smiiIu 111w 213225 323± (bsd iol) H 3q(l 5 21

noiision 3(11 3fuIm.53112 01 13b-IO it! .bon ob 1oi23vni biluo bud 3q1 ii3fll worD! 01 b3mu225

32S3 21(11 nI .J 01 3Vi1B131 3I51 '1siini1ni 315 H)1 bits J)1 ilbod Isfil 3fflU22S 01 1u132u 3d 111w ii

bns(1 lii 3moz) Iliw isrIl (ri3rrrm2s noiismiolni 3r11 lo 3b1Jlinsm 3± lo 3W2E3 31qm12 s

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eiflhidsiI Ansd bolu2ninu Its 13fl1231 01 21 l3bOm 3111 III 21111 3luIqs3 01 5W 1231qm12 3111' .3qb

213225 r1ii2ix3-5Iq 251usd 3111 isrIb 31111J225 irIim srro 31qmsx3 io1 1iiohq 3ffl52 3(11 lo 3d 01

'd 10 fl0i151U31 d 1311fl3--b313r11251 0216 21 Ansd 3± 15(11 bus b33nsnfl-iiup3 Its 315 )I

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Page 9: cpq NV OJ - NBER

0 CC110U 3 MpCLC i( 12 '91(€U iib iU WOLC qGl9JLC221ACJX j0L qCbo2112 H0MCACL IJC buciu Oi qGbO2II 11J21IL91JCC qo€2 UJffGL ju qJG ausJA2129IJq }JCUCC MoflJq IJOI LCCf 10 Cp9IJG JU qCbO2Il !U211L9UCC buciu pA C0Wb€1i1J IJJOLC 01. JC22

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